The notes are designed for investors who seek an unleveraged return
equal to any appreciation (with a maximum upside return of at least 15.00%*), or an unleveraged return equal to the absolute value
of any depreciation (up to 20.25%), of the S&P 500® Index at maturity, and who anticipate that the Index closing
level will not be less than the Initial Index Level by more than 20.25% on any day during the Monitoring Period. Investors should
be willing to forgo interest and dividend payments, and, if the Index closing level is less than the Initial Index Level by more
than 20.25% on any day during the Monitoring Period, be willing to lose some or all of their principal at maturity. Any payment
on the notes is subject to the credit risk of JPMorgan Chase & Co.

Minimum denominations of $10,000 and integral multiples of $1,000 in
excess thereof

·

The notes are expected to price on or about April 20, 2012 and are
expected to settle on or about April 25, 2012.

Key Terms

Index:

The S&P 500® Index (the “Index”)

Knock-Out Event:

A Knock-Out Event occurs if, on any day during the Monitoring Period, the Index closing level is less than the Initial Index Level by more than the Knock-Out Buffer Amount.

Knock-Out Buffer Amount:

20.25%

Payment at Maturity:

If the Ending Index Level is greater than the Initial Index Level, you will receive at maturity a cash payment that provides you with a return per $1,000 principal amount note equal to the Index Return, subject to the Maximum Upside Return. Accordingly, if the Index Return is positive, your payment at maturity per $1,000 principal amount note will be calculated as follows:

If the Ending Index Level is equal to the Initial Index Level, you will receive at maturity a cash payment of $1,000 per $1,000 principal amount note.

If the Ending Index Level is less than the Initial Index Level and a Knock-Out Event has not occurred, you will receive at maturity a cash payment that provides you with a return per $1,000 principal amount note equal to the Absolute Index Return, and your payment at maturity per $1,000 principal amount note will be calculated as follows:

$1,000 + ($1,000 × Absolute Index Return)

Because a Knock-Out Event will occur if the Index closing level is less than the Initial Index Level by more than the Knock-Out Buffer Amount of 20.25% on any day during the Monitoring Period, your maximum payment at maturity is $1,202.50 per $1,000 principal amount note.

If the Ending Index Level is less than the Initial Index Level and a Knock-Out Event has occurred, you will lose 1% of the principal amount of your notes for every 1% that the Ending Index Level is less than the Initial Index Level. Under these circumstances, your payment at maturity per $1,000 principal amount note will be calculated as follows:

$1,000 + ($1,000 × Index Return)

If a Knock-Out Event has occurred and the Ending Index Level is less than the Initial Index Level, you will lose some or all of your initial investment at maturity.

Maximum Upside Return:

At least 15.00%. The actual Maximum Upside Return will be set on the pricing date and will not be less than 15.00%. Accordingly, the actual maximum payment at maturity if the Index Return is positive will not be less than $1,150.00 per $1,000 principal amount note.

Monitoring Period:

The period from but excluding the pricing date to and including the Observation Date

Index Return:

Ending Index Level – Initial Index Level Initial Index Level

Absolute Index Return:

The absolute value of the Index Return. For example, if the Index Return is -5%, the Absolute Index Return will equal 5%.

Initial Index Level:

The Index closing level on the pricing date

Ending Index Level:

The Index closing level on the Observation Date

Observation Date†:

May 3, 2013

Maturity Date†:

May 8, 2013

CUSIP:

48125VVM9

†

Subject to postponement in the event of a market disruption event and as described under “Description of Notes —
Payment at Maturity” and “Description of Notes — Postponement of a Determination Date — A. Notes Linked
to a Single Component” in the accompanying product supplement no. 4-I

Investing in the Capped Dual Directional Knock-Out Buffered
Equity Notes involves a number of risks. See “Risk Factors” beginning on page PS-21 of the accompanying product supplement
no. 4-I, “Risk Factors” beginning on page US-1 of the accompanying underlying supplement 1-I and “Selected Risk
Considerations” beginning on page TS-4 of this term sheet.

Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this term sheet or
the accompanying product supplement, underlying supplement, prospectus supplement and prospectus. Any representation to the contrary
is a criminal offense.

Price to Public (1)

Fees and Commissions (2)

Proceeds to Us

Per note

$

$

$

Total

$

$

$

(1)

The price to the public includes the estimated cost of hedging our obligations under
the notes through one or more of our affiliates, which includes our affiliates’ expected cost of providing such hedge as
well as the profit our affiliates expect to realize in consideration for assuming the risks inherent in providing such hedge.
For additional related information, please see “Use of Proceeds and Hedging” beginning on page PS-48 of the accompanying
product supplement no. 4-I.

(2)

Please see “Supplemental Plan of Distribution” in this term sheet for
information about fees and commissions.

The notes are not bank deposits and are not insured by the
Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

April 16, 2012

Additional Terms Specific to the Notes

JPMorgan Chase & Co. has filed a registration
statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this term sheet
relates. Before you invest, you should read the prospectus in that registration statement and the other documents relating to this
offering that JPMorgan Chase & Co. has filed with the SEC for more complete information about JPMorgan Chase & Co. and
this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, JPMorgan
Chase & Co., any agent or any dealer participating in this offering will arrange to send you the prospectus, the prospectus
supplement, product supplement no. 4-I, underlying supplement no. 1-I and this term sheet if you so request by calling toll-free
866-535-9248.

You may revoke your offer to purchase the notes at
any time prior to the time at which we accept such offer by notifying the applicable agent. We reserve the right to change the
terms of, or reject any offer to purchase, the notes prior to their issuance. In the event of any changes to the terms of the notes,
we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject
such changes in which case we may reject your offer to purchase.

You should read this term sheet together with the prospectus
dated November 14, 2011, as supplemented by the prospectus supplement dated November 14, 2011 relating to our Series E medium-term
notes of which these notes are a part, and the more detailed information contained in product supplement no. 4-I dated November
14, 2011 and underlying supplement no. 1-I dated November 14, 2011. This term sheet, together with the documents listed below,
contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written
materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample
structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things,
the matters set forth in “Risk Factors” in the accompanying product supplement no. 4-I and “Risk Factors”
in the accompanying underlying supplement no. 1-I, as the notes involve risks not associated with conventional debt securities.
We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

You may access these documents on the SEC website at www.sec.gov
as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

What Is the Total Return on the Notes at
Maturity, Assuming a Range of Performances for the Index?

The following table and examples
illustrate the hypothetical total return at maturity on the notes. The “total return” as used in this term sheet is
the number, expressed as a percentage, that results from comparing the payment at maturity per $1,000 principal amount note to
$1,000. The hypothetical total returns set forth below assume an Initial Index Level of 1,400 and a Maximum Upside Return of 15.00%
and reflect the Knock-Out Buffer Amount of 20.25%. The hypothetical total returns set forth below are for illustrative purposes
only and may not be the actual total returns applicable to a purchaser of the notes. The numbers appearing in the following table
and examples have been rounded for ease of analysis.

Total Return

Ending Index Level

Index Return

Absolute Index Return

Knock-Out Event Has Not Occurred(1)

Knock-Out Event Has Occurred(2)

2,520.00

80.00%

80.00%

15.00%

15.00%

2,310.00

65.00%

65.00%

15.00%

15.00%

2,100.00

50.00%

50.00%

15.00%

15.00%

1,960.00

40.00%

40.00%

15.00%

15.00%

1,820.00

30.00%

30.00%

15.00%

15.00%

1,680.00

20.00%

20.00%

15.00%

15.00%

1,610.00

15.00%

15.00%

15.00%

15.00%

1,540.00

10.00%

10.00%

10.00%

10.00%

1,470.00

5.00%

5.00%

5.00%

5.00%

1,435.00

2.50%

2.50%

2.50%

2.50%

1,414.00

1.00%

1.00%

1.00%

1.00%

1,400.00

0.00%

0.00%

0.00%

0.00%

1,386.00

-1.00%

1.00%

1.00%

-1.00%

1,330.00

-5.00%

5.00%

5.00%

-5.00%

1,260.00

-10.00%

10.00%

10.00%

-10.00%

1,120.00

-20.00%

20.00%

20.00%

-20.00%

1,116.50

-20.25%

20.25%

20.25%

-20.25%

1,116.36

-20.26%

20.26%

N/A

-20.26%

980.00

-30.00%

30.00%

N/A

-30.00%

840.00

-40.00%

40.00%

N/A

-40.00%

700.00

-50.00%

50.00%

N/A

-50.00%

560.00

-60.00%

60.00%

N/A

-60.00%

420.00

-70.00%

70.00%

N/A

-70.00%

280.00

-80.00%

80.00%

N/A

-80.00%

140.00

-90.00%

90.00%

N/A

-90.00%

0.00

-100.00%

100.00%

N/A

-100.00%

(1) The Index closing level is greater than or equal
to 1,116.50 (79.75% of the hypothetical Initial Index Level) on each day during the Monitoring Period.

(2) The Index closing level is less than 1,116.50
(79.75% of the hypothetical Initial Index Level) on at least one day during the Monitoring Period.

Hypothetical Examples of Amounts Payable
at Maturity

The following examples illustrate how the total returns
set forth in the table on the previous page and the graph above are calculated.

Example 1: Thelevel of the Index increases from
the Initial Index Level of 1,400 to an Ending Index Level of 1,470. Because the Ending Index Level of 1,470 is greater than
the Initial Index Level of 1,400 and the Index Return of 5% does not exceed the hypothetical Maximum Upside Return of 15.00%, regardless
of whether a Knock-Out Event has occurred, the investor receives a payment at maturity of $1,050 per $1,000 principal amount note,
calculated as follows:

$1,000 + ($1,000 × 5%) = $1,050

Example 2: A Knock-Out Event has not occurred, and the level
of the Index decreases from the Initial Index Level of 1,400 to an Ending Index Level of 1,330. Although the Index Return is
negative, because a Knock-Out Event has not occurred and the Absolute Index Return is 5%, the investor receives a payment at maturity
of $1,050 per $1,000 principal amount note, calculated as follows:

Example 3: A Knock-Out Event has occurred, and the level
of the Index decreases from the Initial Index Level of 1,400 to an Ending Index Level of 1,260. Because a Knock-Out Event has
occurred and the Index Return is -10%, the investor receives a payment at maturity of $900 per $1,000 principal amount note, calculated
as follows:

$1,000 + ($1,000 × -10%) = $900

Example 4: The level of the Index increases from the Initial
Index Level of 1,400 to an Ending Index Level of 1,960. Because the Ending Index Level of 1,960 is greater than the Initial
Index Level of 1,400 and the Index Return of 40% exceeds the hypothetical Maximum Upside Return of 15.00%, regardless of whether
a Knock-Out Event has occurred, the investor receives a payment at maturity of $1,150.00 per $1,000 principal amount note, the
hypothetical maximum payment at maturity if the Index Return is positive.

Example 5: A Knock-Out Event has not occurred, and the level
of the Index decreases from the Initial Index Level of 1,400 to an Ending Index Level of 1,116.50. Although the Index Return
is negative, because a Knock-Out Event has not occurred and the Absolute Index Return is 20.25%, the investor receives a payment
at maturity of $1,202.50 per $1,000 principal amount note, the maximum payment at maturity, calculated as follows:

$1,000 + ($1,000 × 20.25%) = $1,202.50

The hypothetical returns and hypothetical payouts on the notes
shown above do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses
were included, the hypothetical returns and hypothetical payouts shown above would likely be lower.

Selected Purchase Considerations

·

CAPPED, UNLEVERAGED APPRECIATION
POTENTIAL IF THE INDEX RETURN IS POSITIVE — The notes provide the opportunity to earn an unleveraged return equal to
any appreciation in the Index, up to the Maximum Upside Return. The Maximum Upside Return will be set on the pricing date and will
not be less than 15.00%, and accordingly, the maximum payment at maturity if the Index Return is positive will not be less than
$1,150.00 per $1,000 principal amount note. Because the notes are our senior unsecured obligations, payment of any amount on the
notes is subject to our ability to pay our obligations as they become due.

·

POTENTIAL FOR UP TO A
20.25% RETURN ON THE NOTES EVEN IF THE INDEX RETURN IS NEGATIVE — If the Ending Index Level
is less than the Initial Index Leveland a Knock-Out Event has not occurred, you
will earn a positive, unleveraged return on the notes equal to the Absolute Index Return. Because
the Absolute Index Return is based on the absolute value of the change from the Initial Index
Level to the Ending Index Level, if the Absolute Index Return
is less than or equal to 20.25%, you will earn a positive return on the notes even if the Ending Index Level
is less than the Initial Index Level. For example, if the Index Return is -5%, the Absolute Index Return will equal 5%. Because
a Knock-Out Event will occur if the Index closing level is less than the Initial Index Level by more than the Knock-Out Buffer
Amount of 20.25% on any day during the Monitoring Period, your maximum payment at maturity is $1,202.50 per $1,000 principal amount
note.

·

RETURNS LINKED TO THE
S&P 500® INDEX — The return on the notes is linked to the S&P 500® Index. The S&P
500® Index consists of 500 component stocks selected to provide a performance benchmark for the U.S. equity markets.
See “Equity Index Descriptions — The S&P 500® Index” in the accompanying underlying supplement
no. 1-I.

·

CAPITAL GAINS TAX TREATMENT —
You should review carefully the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying
product supplement no. 4-I. The following discussion, when read in combination with that section, constitutes the full opinion
of our special tax counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning
and disposing of notes.

Based on current market conditions,
in the opinion of our special tax counsel it is reasonable to treat the notes as “open transactions” that are not debt
instruments for U.S. federal income tax purposes. Assuming this treatment is respected, the gain or loss on your notes should be
treated as long-term capital gain or loss if you hold your notes for more than a year, whether or not you are an initial purchaser
of notes at the issue price. However, the Internal Revenue Service (the “IRS”) or a court may not respect this treatment
of the notes, in which case the timing and character of any income or loss on the notes could be significantly and adversely affected.
In addition, in 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal income tax treatment of “prepaid
forward contracts” and similar instruments, which might include the notes. The notice focuses in particular on whether to
require holders of these instruments to accrue income over the term of their investment. It also asks for comments on a number
of related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as
the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including any mandated
accruals) realized by Non-U.S. Holders should be subject to withholding tax; and whether these instruments are or should be subject
to the “constructive ownership” regime, which very generally can operate to recharacterize certain long-term capital
gain as ordinary income and impose an interest charge. While the notice requests comments on appropriate transition rules and effective
dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely
affect the tax consequences of an investment in the notes, possibly with retroactive effect. Both U.S. and Non-U.S. Holders should
consult their tax advisers regarding the U.S. federal income tax consequences of an investment in the notes, including possible
alternative treatments and the issues presented by this notice.

An investment in the notes involves significant risks.
Investing in the notes is not equivalent to investing directly in the Index or any of the component securities of the Index. These
risks are explained in more detail in the “Risk Factors” section of the accompanying product supplement no. 4-I dated
November 14, 2011 and the accompanying underlying supplement no. 1-I dated November 14, 2011.

·

YOUR INVESTMENT IN THE
NOTES MAY RESULT IN A LOSS — The notes do not guarantee any return of principal. The return on the notes at maturity
is linked to the performance of the Index and will depend on whether a Knock-Out Event has occurred and whether, and the extent
to which, the Index Return is positive or negative. If the Index closing level is less than the Initial Index Level by more than
the Knock-Out Buffer Amount of 20.25% on any day during the Monitoring Period, a Knock-Out Event has occurred, and the benefit
provided by the Knock-Out Buffer Amount of 20.25% will terminate. Under these circumstances, if the Ending Index Level is less
than the Initial Index Level, you will lose 1% of the principal amount of your notes for every 1% that the Ending Index Level is
less that the Initial Index Level. Accordingly, you could lose some or all of your initial investment at maturity.

·

YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED
BY THE MAXIMUM UPSIDE RETURN AND THE KNOCK-OUT BUFFER AMOUNT — If the Ending Index Level is greater than the Initial
Index Level, for each $1,000 principal amount note, you will receive at maturity $1,000 plus an additional return that will not
exceed a predetermined percentage of the principal amount, regardless of the appreciation in the Index, which may be significant.
We refer to this predetermined percentage as the Maximum Upside Return, which will be set on the pricing date and will not be less
than 15.00%. In addition, if the Ending Index Level is less than the Initial Index Level and a Knock-Out Event has not occurred,
you will receive at maturity $1,000 plus an additional return equal to the Absolute Index Return, up to 20.25%. Because a Knock-Out
Event will occur if the Index closing level is less than the Initial Index Level by more than the Knock-Out Buffer Amount of 20.25%
on any day during the Monitoring Period, your maximum payment at maturity is $1,202.50 per $1,000 principal amount note.

·

CREDIT RISK OF JPMORGAN CHASE &
CO. — The notes are subject to the credit risk of JPMorgan Chase & Co. and our credit ratings and credit spreads
may adversely affect the market value of the notes. Investors are dependent on JPMorgan Chase & Co.’s ability to pay
all amounts due on the notes, and therefore investors are subject to our credit risk and to changes in the market’s view
of our creditworthiness. Any decline in our credit ratings or increase in the credit spreads charged by the market for taking our
credit risk is likely to affect adversely the value of the notes. If we were to default on our payment obligations, you may not
receive any amounts owed to you under the notes and you could lose your entire investment.

·

POTENTIAL CONFLICTS — We
and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent
and hedging our obligations under the notes. In performing these duties, our economic interests and the economic interests of the
calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. In addition,
our business activities, including hedging and trading activities, could cause our economic interests to be adverse to yours and
could adversely affect any payment on the notes and the value of the notes. It is possible that hedging or trading activities of
ours or our affiliates could result in substantial returns for us or our affiliates while the value of the notes declines. Please
refer to “Risk Factors — Risks Relating to the Notes Generally” in the accompanying product supplement no. 4-I
for additional information about these risks.

In addition, we are currently
one of the companies that make up the Index. We will not have any obligation to consider your interests as a holder of the notes
in taking any corporate action that might affect the value of the Index and the notes.

·

THE BENEFIT PROVIDED BY THE KNOCK-OUT
BUFFER AMOUNT MAY TERMINATE ON ANY DAY DURING THE MONITORING PERIOD — If the Index closing level on any day during the
Monitoring Period is less than the Initial Index Level by more than the Knock-Out Buffer Amount of 20.25%, you will at maturity
be fully exposed to any depreciation in the Index. We refer to this feature as a contingent buffer. Under these circumstances,
if the Ending Index Level is less than the Initial Index Level, you will lose 1% of the principal amount of your investment for
every 1% that the Ending Index Level is less than the Initial Index Level. You will be subject to this potential loss of principal
even if the Index subsequently increases such that the Index closing level is less than the Initial Index Level by not more than
the Knock-Out Buffer Amount of 20.25%, or is equal to or greater than the Initial Index Level. If these notes had a non-contingent
buffer feature, under the same scenario, you would have received the full principal amount of your notes plus a return equal to
the Index Return if the Ending Index Level is less than the Initial Index Level by up to the Knock-Out Buffer of 20.25% or a return
equal to the Index Return (which will be negative) plus the Knock-Out Buffer Amount of 20.25% at maturity. As a result, your investment
in the notes may not perform as well as an investment in a security with a return that includes a non-contingent buffer.

·

CERTAIN BUILT-IN COSTS ARE LIKELY TO AFFECT ADVERSELY
THE VALUE OF THE NOTES PRIOR TO MATURITY — While the payment at maturity, if any, described in this term sheet
is based on the full principal amount of your notes, the original issue price of the notes includes the agent’s commission
and the estimated cost of hedging our obligations under the notes. As a result, the price, if any, at which J.P. Morgan Securities
LLC, which we refer to as JPMS, will be willing to purchase notes from you in secondary market transactions, if at all, will likely
be lower than the original issue price, and any sale prior to the maturity date could result in a substantial loss to you. The
notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to
maturity.

NO INTEREST OR DIVIDEND PAYMENTS OR VOTING RIGHTS — As
a holder of the notes, you will not receive interest payments, and you will not have voting rights or rights to receive cash dividends
or other distributions or other rights that holders of securities composing the Index would have.

·

RISK OF A KNOCK-OUT EVENT OCCURRING IS GREATER IF THE INDEX IS VOLATILE
— The likelihood that the Index closing level is less than the Initial Index Level by more than the Knock-Out Buffer Amount
on any day during the Monitoring Period, thereby triggering a Knock-Out Event, will depend in large part on the volatility of the
Index — the frequency and magnitude of changes in the level of the Index.

·

LACK OF LIQUIDITY — The notes will not be listed on any
securities exchange. JPMS intends to offer to purchase the notes in the secondary market but is not required to do so. Even if
there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other
dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade your notes is likely
to depend on the price, if any, at which JPMS is willing to buy the notes.

·

MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES
— In addition to the level of the Index on any day, the value of the notes will be impacted by a number of economic and market
factors that may either offset or magnify each other, including:

·

the actual and expected volatility
of the Index;

·

the time to maturity of the
notes;

·

whether a Knock-Out Event
has occurred or is expected to occur;

·

the dividend rates on the
equity securities underlying the Index;

·

interest and yield rates in
the market generally;

·

a variety of economic, financial,
political, regulatory and judicial events; and

The following graph sets forth the historical performance of the
S&P 500® Index based on the weekly historical Index closing levels from January 5, 2007 through April 13, 2012.
The Index closing level on April 13, 2012 was 1,370.26.

We obtained the Index closing levels below from Bloomberg Financial
Markets, without independent verification. The historical Index closing levels of the Index should not be taken as an indication
of future performance, and no assurance can be given as to the Index closing level on the pricing date, the Observation Date or
any day during the Monitoring Period. We cannot give you assurance that the performance of the Index will result in the return
of any of your initial investment.

Supplemental Plan of Distribution

JPMS, acting as agent for JPMorgan Chase & Co., will receive
a commission that will depend on market conditions on the pricing date. In no event will that commission exceed $10.00 per
$1,000 principal amount note. JPMS may use a portion of that commission to allow selling concessions to another affiliated broker-dealer.
See “Plan of Distribution (Conflicts of Interest)” beginning on page PS-77 of the accompanying
product supplement no. 4-I.

For a different portion of the notes to be sold in this offering,
an affiliated bank will receive a fee and another affiliate of ours will receive a structuring and development fee. In no event
will the total amount of these fees exceed $10.00 per $1,000 principal amount note.